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Dangote Loses $7.8Bn as Naira, Stocks Crash

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Aliko Dangote, Africa's richest man
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Aliko Dangote, Africa’s richest man, is the biggest loser among Nigeria’s richest people as the Naira’s slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when Forbes locked in the values for its annual ranking of the world’s billionaires.

Dangote was worth $25 billion at the time; but at the close of market Tuesday last week, his networth had dropped to  $17.2 billion.

More than half of the drop in his fortune has happened since early November. As of November 7, Dangote was worth $21.6 billion, $4.4 billion more than now.

This is because the last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange (NSE).

Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank for Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general election, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed towards putting naira-denominated assets including equities at risk.

Speaking on the fall in the networth of stocks, a financial analyst, Ugodre Obi-Chukwu, noted that, “This is whipping up negative market sentiments as foreign and institutional investors such as pension funds who hold equity stakes in companies (due to their large cap and liquidity status) have mostly fled their positions”.

 Obi-Chukwu is also the publisher of Nairametrics <http://nairametrics.com/>, a website that provides analysis and opinion about Nigerian stocks, investing, personal finance and the economy.

Dangote Cement, Africa’s largest manufacturer of cement, has shed close to 40 per cent of its market value between the beginning of November and now.

The company’s stock, which was trading at N215 ($1.15) at the beginning of November, is now valued at N165 (88 cents) as at yesterday.

At the beginning of November, Dangote’s stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.

Dangote has also lost more than $230 million in paper value within the same period on his stakes in publicly-traded Dangote Sugar, Dangote Flour, and National Salt Company of Nigeria.

Between November (when FORBES published the list of Africa’s 50 richest people and today) Dangote has lost more than $4 billion in his net worth.

After Dangote, the second biggest loser among Nigeria’s ultra-rich is Tony Elumelu, the Chairman of Heirs Holdings, an investment company.

Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture.

Transcorp’s current market capitalisation is now $700 million, down from $1.4 billion at the beginning of November. Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at yesterday is now worth roughly $400 million, down from $700 million.

Elumelu’s investments in other listed companies like UBA, Africa Prudential PLC and UBA Capital have shed a little over $27 million in value.

Other big losers include Nigerian multi-millionaire banker Jim Ovia, a co-founder of Zenith Bank. The value of his stake in the financial services provider is $240 million as of late yesterday, down from more than $350 million last month. He owns a 9 per cent stake in the bank.


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Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

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Mr. Freddie Oduro, New Country Manager for Ghana.
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Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Mr. Freddie Oduro, New Country Manager for Ghana.

Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.

Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in  sales, business operations, and market expansion.

In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.

He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.

Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.

“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.

“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”

The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.

The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.

“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.

“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.

“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”

Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.

Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.

This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.

Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its  footprint across Ghana.


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Top Nigerian Startups Secure Funding Boost @ iHatch Demo Day Awards

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Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.

The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.

The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.

The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.

After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:

Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.

Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.

Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.

Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.

Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.

 


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Fidelity Bank to Host Virtual Masterclass on New Tax Law

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Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.

Fidelity Bank to Host Virtual Masterclass on New Tax Law

Fidelity Bank

The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.

Attendees will also learn strategies to stay ahead in an evolving regulatory environment.

The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.

These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.

The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.

“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.

“Information is money and a well-informed business owner is already steps ahead in the race to success.

“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.

Interested participants can register via https://bit.ly/2026TaxLawMasterclass .


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